While this does not pose any immediate threat (to the contrary, a further increase in government expenditures in 2003 is an appropriate counter-cyclical measure), difficulties are likely to arise in the medium term through crowding-out effects. These will include higher interest rates with adverse effects on consumption as well as investment expenditure.
Si bien este riesgo no plantea una amenaza inmediata (al contrario, un nuevo aumento del gasto público en 2003 constituye una medida anticíclica apropiada), es probable que surjan dificultades a medio plazo por los efectos de exclusión, que provocarán, entre otras cosas, un aumento de los tipos de interés con efectos negativos sobre el consumo y las inversiones.